According to Glassdoor, the average salary for a Data Scientist is $117,345/yr. This is above the national average of $44,564. Therefore, a Data Scientist makes 163% more than the national average salary.
This makes Data Science a highly lucrative career choice. It is mainly due to the dearth in Data Scientists resulting in a huge income bubble.
Since Data Science requires a person to be proficient and knowledgeable in several fields like Statistics, Mathematics and Computer Science, the learning curve is quite steep. Therefore, the value of a Data Scientist is very high in the market.
A Data Scientist enjoys the position of prestige in the company. The company relies on his expertise to make data-driven decisions and enable them to navigate in the right direction.
Furthermore, the role of a Data Scientist depends on the specialization of his employer company. For example – A commercial industry will require a data scientist to analyze their sales.
A health-care company will require data scientists to help them analyze genomic sequences. The salary of a Data Scientist depends on his role and type of work he has to perform. It also depends on the size of the company which is based on the amount of data they utilize.
Still, the pay scale of Data Scientist is way above other IT and management sectors. However, the salary observed by Data Scientists is proportional to the amount of work that they must put in. Data Science needs hard work and requires a person to be thorough with his/her skills.
Due to several lucrative perks, Data Science is an attractive field. This, combined with the number of vacancies in Data Science makes it an untouched gold mine. Therefore, you should learn Data Science in order to enjoy a fruitful career.